AI capital expenditure

AI capital expenditure, usually shortened to AI capex, is spending on the physical assets used to train and run artificial intelligence models: AI data centers and the land under them, servers built around GPUs and other AI accelerators, networking equipment, and the electrical and cooling plant that keeps them running. Most of it is spent by a few hyperscalers: adding each company's own measure, Microsoft, Alphabet, Amazon, Meta and Oracle spent about $161 billion in 2023 and about $469 billion in 2025, and NVIDIA's chief financial officer said in August 2026 that capex by the five largest hyperscalers was expected to reach nearly $800 billion in 2026 and $1.3 trillion in 2027.^{[1][2][3][4][5][6]} AI developers such as xAI, GPU cloud providers such as CoreWeave and state-backed programs add to the total.^[7][8] The figures are companywide rather than AI-only, because none of the large spenders reports its AI capex separately; Amazon's, for example, also covers its fulfillment network, robotics and low earth orbit satellites.^[9][10] Whether AI revenue will grow fast enough to pay for the buildout is the central question in the debate over an AI bubble.

What counts as AI capex?

Capital expenditure is cash spent on assets expected to last more than a year. Instead of being charged against profit at once, the cost is spread over the asset's estimated useful life as depreciation. AI infrastructure combines two kinds of asset with very different lives. Land is not depreciated at all, and buildings, electrical systems and cooling plant last for decades: Alphabet depreciates data center and office buildings over seven to 40 years, and Meta depreciates buildings over 25 to 30 years. Servers and network equipment are written off far faster, generally over six years at Alphabet and over five to 5.5 years at Meta.^[2][4]

The companies define capex in different ways, so their figures are not strictly comparable. Alphabet and Amazon report cash purchases of property and equipment, and Amazon also gives a net figure after proceeds from asset sales and incentives.^[2][3] Meta adds the principal it repays on finance leases.^[4] Microsoft's headline measure, "capital expenditures including finance leases", records the full value of a finance lease when the lease begins: in the October-December 2025 quarter it reported $37.5 billion of capex, including $6.7 billion of finance leases, against $29.9 billion of cash paid for property and equipment.^[1] Oracle guides on "net cash outlay for capital expenditures", which deducts customer prepayments and short-term financing related to capex.^[11] Operating leases do not count as capex at all, which matters because Microsoft and Oracle have each signed data center leases worth hundreds of billions of dollars that have yet to begin (see below).^[12]

How much do the largest companies spend?

Microsoft reports capex by fiscal quarter, so its calendar-year figures here are sums of the quarterly amounts stated on its earnings calls.^[15][16][1] Net of proceeds from asset sales and incentives, the basis of the "cash capital expenditures" Amazon reports each quarter, its spending was $48.1 billion, $77.7 billion and $128.3 billion in 2023-2025.^[3][10] Oracle's net cash outlay was about $48 billion in the fiscal year to May 2026, against $55.7 billion of gross capex.^[11][5]

Guidance moved during 2026. Alphabet raised its range on July 22 from $180-190 billion, citing "an acceleration in the delivery of capacity", and said its 2027 capex would increase significantly.^[14] Meta narrowed its range on July 29 from $125-145 billion.^[17] Amazon's written forecast, given on February 5, was about $200 billion; on its July 30 call chief executive Andy Jassy said cash capex would be about $220 billion, with higher memory costs accounting for the rise, according to Fortune.^[9][13] Microsoft put its calendar-2026 figure at about $175 billion on July 29, saying its investment expectations were unchanged and that the figure reflected an accounting change, described below, that moves future data center leases from finance leases to operating leases. It guided to more than $50 billion for the July-September 2026 quarter.^[12]

Adding each company's own measure, the five spent about $161 billion in 2023, $272 billion in 2024 and $469 billion in 2025. The midpoints of their latest 2026 guidance add up to roughly $780 billion, or about $800 billion using Amazon's $220 billion figure, although the guidance mixes gross, net and lease-inclusive measures. The International Energy Agency estimated in April 2026 that the capex of five large technology companies passed $400 billion in 2025 and would rise by a further 75% in 2026.^[20] In the first half of 2026, Alphabet's purchases of property and equipment were $80.6 billion, Amazon's net cash capex $96.3 billion and Meta's capex $50.9 billion.^[21][10][17]

xAI's spending is disclosed by SpaceX, which acquired xAI on February 2, 2026 and recast its accounts for all periods to include xAI and X because the companies were under common control.^[7] The AI segment's capex was $15.8 billion in the April-June 2026 quarter alone, and the GPUs installed in SpaceX's data centers drew 1.4 GW of nameplate power at June 30, 2026, against 0.4 GW a year earlier.^[18] Apple spends far less than the hyperscalers: $12.7 billion on property, plant and equipment in its 2025 fiscal year, compared with $11.0 billion two years earlier.^[19]

What does the money buy?

Where companies break their spending down, servers take the largest share. Alphabet said about 60% of its technical infrastructure investment in the second quarter of 2026 went to servers and 40% to data centers and networking equipment.^[14] Microsoft's mix has shifted toward servers. In January 2025 it said more than half of its cloud and AI spending was on long-lived assets that would "support monetization over the next 15 years and beyond"; from the October-December 2025 quarter onward it said roughly two-thirds of its capex went to short-lived assets, primarily GPUs and CPUs.^[16][1][12] Amazon described its cash capex as mainly technology infrastructure, the majority of it supporting AWS, plus capacity for its fulfillment network.^[10]

NVIDIA has given its own estimate of what a gigawatt of AI capacity costs. On its August 26, 2026 earnings call, Jensen Huang said the cost of a gigawatt of data center capacity had risen from about $30 billion five years earlier to about $60 billion. The company put its own revenue opportunity per gigawatt at about $18 billion for Hopper systems, about $25 billion for Blackwell and about $40 billion for Vera Rubin, a platform that adds CPUs, networking and Groq LPU inference chips to its GPUs.^[6]

Some of the 2026 increase reflects prices rather than volume. Microsoft said its $41 billion of capex in the April-June 2026 quarter included the impact of higher component pricing, Amazon attributed its higher estimate to memory costs, and NVIDIA's own supply commitments rose from $119 billion to $279 billion in the quarter to July 26, 2026, "primarily related to the procurement of memory".^[12][13][22] The split between short- and long-lived assets also shapes financing. The development costs in Meta's two joint-venture campuses cover "the buildings and long-lived power, cooling, and connectivity infrastructure".^[23][24]

How is the spending financed?

Operating cash flow

The largest spenders have mostly paid for capex out of operating cash flow, but in 2026 free cash flow, the cash left after capex, shrank or turned negative at most of them.

Microsoft has stayed cash-positive by a wide margin: its operating cash flow of $182.9 billion in the year to June 2026 covered $115.9 billion of cash additions to property and equipment, and it issued no new long-term debt in fiscal 2025 or fiscal 2026.^[25] Alphabet said its free cash flow would "remain under pressure".^[14] Oracle's operating cash flow of $23.1 billion in the quarter to August 31, 2026 fell short of its $28.5 billion of capex.^[26]

Bonds and equity

The other spenders borrowed heavily. Meta's long-term debt rose from $28.8 billion at the end of 2024 to $58.7 billion a year later, after $29.9 billion of new borrowing in 2025, and reached $83.7 billion by June 30, 2026.^[4][17] Alphabet sold $20.0 billion of US dollar notes and $31.8 billion of notes in sterling, Swiss francs, euros, Canadian dollars and yen in the first half of 2026. In June 2026 it also raised $49.6 billion of equity, including a $10.0 billion private placement with an affiliate of Berkshire Hathaway and $19.0 billion of mandatory convertible preferred stock, for uses including "capital expenditures to scale AI infrastructure and global compute".^[21] Amazon's senior notes outstanding reached $132.1 billion at June 30, 2026, after $67.0 billion of long-term borrowing in the first half, and it sold another $25.0 billion of dollar notes after the quarter ended.^[10] Oracle issued $43.0 billion of senior notes and $5.0 billion of mandatory convertible preferred stock in its 2026 fiscal year, sold $19.9 billion of common stock (net of costs) through an at-the-market program in the following quarter, and planned about $40 billion of debt and equity funding for fiscal 2027.^[5][26][11] SpaceX raised $85.7 billion in its June 2026 initial public offering and $25 billion of senior notes.^[18]

Leases and joint ventures

Leasing lets companies add capacity without paying for buildings up front. At June 30, 2026 Microsoft had $329.1 billion of leases, mainly for data centers, that had been signed but had not yet commenced; they start between fiscal 2027 and fiscal 2033 and run for up to 20 years.^[25] Oracle reported $288 billion of such commitments at August 31, 2026, up from $260 billion three months earlier, substantially all for data center arrangements with terms of 15 to 19 years.^[26][5] From July 2026 Microsoft depreciates data centers over 25 years rather than 15, which it said would move more of its future data center leases from finance leases, which count as capex, to operating leases, which do not.^[12]

Meta moved two campuses into joint ventures. In October 2025 it formed a venture with funds managed by Blue Owl Capital, which own 80%, to develop and own the Hyperion campus in Richland Parish, Louisiana, at about $27 billion of total development cost; part of Blue Owl's capital came from debt issued to PIMCO and other bond investors in a private securities offering.^[23] Meta contributed $4.30 billion of assets, received a one-time distribution of $2.55 billion and kept a 20% stake, and it does not consolidate the venture. It will lease the buildings from 2029 on four-year initial terms renewable to 20 years, with residual value guarantees whose aggregate threshold is about $28 billion; Meta put its maximum exposure to loss at $45.95 billion at the end of 2025.^[4] In July 2026 Meta repeated the structure with funds managed by BlackRock for a 1 GW campus in El Paso, Texas, with about $14 billion of development costs, the same 80/20 split, four-year leases extendable to 20 years and residual value guarantees with a threshold of about $13 billion.^[24]

GPU-backed debt and supplier support

Lenders also lend against the chips themselves. CoreWeave's delayed-draw term loans, which began with a $2.3 billion facility in July 2023 and grew with facilities of up to $7.6 billion (May 2024), $2.6 billion (July 2025) and $3.0 billion (September 2025), are sized according to the depreciable cost of the GPU servers they finance and secured by the assets of the borrowing subsidiaries; its total debt was $21.6 billion at the end of 2025.^[27] In its second-quarter 2026 results, CoreWeave reported a $3.1 billion term loan that it called the first publicly syndicated delayed-draw facility backed by HPC infrastructure.^[8] SpaceX's AI business has financed hardware through equipment leases with Valor Equity Partners, whose founder sits on SpaceX's board. Because the deals were accounted for as failed sale-leasebacks, SpaceX carried $13.3 billion of related debt at June 30, 2026, up from $4.5 billion six months earlier.^[18]

Customers and suppliers also put up money. Oracle's customers prepaid $11.4 billion for capacity in the quarter to August 31, 2026.^[26] NVIDIA said in August 2026 that it had invested nearly $50 billion in frontier AI labs, and that OpenAI's existing and planned commitments represented about 12 GW of NVIDIA compute.^[6] The same month it agreed to guarantees capped at $105 billion for the land, power and shell of SB Energy's 4.25 GW PORTS-Pike campus in Ohio, which will be leased to OpenAI for 20 years, on top of $3.5 billion of guarantees for AI cloud partners' data center leases.^[22] It has also announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to set up financing platforms that, in the words of its chief financial officer Colette Kress, "will raise over $500 billion of third-party capital". Kress said of NVIDIA's support for AI labs: "we know some will call this circular financing. We see it differently."^[6] Individual contracts are tracked in the list of AI compute deals.

Who is on the other side of the spending?

NVIDIA's Data Center revenue tracks the accelerator side of this spending, although it includes networking equipment and excludes chips that hyperscalers design themselves. NVIDIA's hyperscale customers accounted for $48.7 billion of the $89.0 billion total in the quarter to July 26, 2026.^[22]

Neocloud providers, which rent out GPU capacity, rely more on outside capital. CoreWeave's operating cash flow in the first half of 2026 was $3.7 billion, against $14.1 billion of purchases of property and equipment, up from $3.9 billion a year earlier; its revenue backlog was about $104 billion at June 30, 2026, with 1.5 GW of active power and about 3.7 GW contracted.^[8]

The hyperscalers point to contracted demand. Microsoft's commercial remaining performance obligation was $678 billion at June 30, 2026, up 84% in a year, although growth excluding OpenAI was 25%.^[12] Amazon reported about $496 billion of performance obligations, primarily for AWS, with a weighted average remaining life of 6.4 years.^[10] Google Cloud's backlog was $514 billion at June 30, 2026, and Oracle's remaining performance obligations were $664 billion at August 31, 2026, up from $455 billion a year earlier.^[14][26]

Sovereign and state-backed programs

Several programs present AI capex as national infrastructure. The Stargate Project, announced on January 21, 2025, said it intended to invest $500 billion over four years in AI infrastructure for OpenAI in the United States, starting with $100 billion; its initial equity funders were SoftBank, OpenAI, Oracle and MGX.^[29] In May 2025 OpenAI announced Stargate UAE with G42, Oracle, NVIDIA, Cisco and SoftBank: a 1 GW cluster in Abu Dhabi, with 200 MW expected to go live in 2026.^[30] HUMAIN, a subsidiary of Saudi Arabia's Public Investment Fund, announced with NVIDIA on May 13, 2025 plans for AI factories of up to 500 MW powered by several hundred thousand NVIDIA GPUs over five years, beginning with 18,000 GB300 chips.^[31] On November 19, 2025 Kress described a further Saudi agreement covering 400,000 to 600,000 more GPUs over three years.^[32]

Depreciation and useful-life accounting

Because servers are written off over a few years, the assumed useful life has a large effect on reported profit. Several companies changed those assumptions between 2022 and 2026.

Alphabet now depreciates servers and network equipment generally over six years, and Oracle uses six years for its servers and networking equipment.^[2][5] Amazon tied its 2025 reduction to "the increased pace of technology development, particularly in the area of artificial intelligence and machine learning".^[3]

The longer lives are contested. In an X post on November 10, 2025, the investor Michael Burry argued that buying NVIDIA hardware "on a 2-3 yr product cycle" should not lead to longer useful lives, and estimated that the practice would understate depreciation by about $176 billion from 2026 through 2028, overstating 2028 profits by roughly 27% at Oracle and 21% at Meta. CNBC noted that the claim could be hard to prove because accounting rules give companies leeway in estimating depreciation.^[35] NVIDIA's Kress said on November 19, 2025 that A100 GPUs shipped six years earlier were "still running at full utilization today".^[32] Microsoft's chief financial officer, Amy Hood, told analysts in January 2026 that its GPU contracts with some of its largest customers were "sold for the entire useful life of the GPU".^[1] Rental prices, residual-value estimates and research on economic life are covered in GPU depreciation.

The bubble debate

Skeptics question whether revenue will catch up with the spending. Bain & Company estimated on September 23, 2025 that meeting projected AI compute demand would require about $2 trillion of annual revenue by 2030 and that, even counting AI-related savings, the world would be about $800 billion short.^[36] The Bank of England's Financial Stability Report of July 7, 2026 said AI-related companies' use of credit markets had "accelerated rapidly" and warned that "increasing complexity and opacity in debt structures used could increase risks to financial stability".^[37] Critics also cite the depreciation assumptions above and vendor financing, in which suppliers such as NVIDIA invest in or guarantee their own customers.

The companies answer with demand. Huang opened NVIDIA's November 19, 2025 call by saying: "There's been a lot of talk about an AI bubble. From our vantage point, we see something very different."^[32] Jassy said in July 2026 that even at about $220 billion of capex Amazon would not have enough capacity to meet demand in 2026, and that he believed the same would be true in 2027.^[13] Alphabet said it would expand its use of third-party capacity in the third quarter of 2026 because of a supply-constrained environment.^[14] Backlogs give part of the spending a contractual basis, though they can be concentrated in a few customers: Microsoft's grew 84% in the year to June 2026 including OpenAI's commitments and 25% without them.^[12]

Power and utilities

Electricity is both a cost and a constraint on the buildout; AI energy consumption covers the demand side in detail. The International Energy Agency said on April 16, 2026 that electricity demand from data centers rose 17% in 2025 and was set to double by 2030, and it named strained supply chains for gas turbines and transformers, and delays to grid connections, as bottlenecks.^[20] In the PJM Interconnection's capacity auction for the 2027/2028 delivery year, whose results PJM published on December 17, 2025, the price cleared at the cap of $333.44 per megawatt-day across the region. Nearly 5,100 MW of the 5,250 MW rise in forecast peak load was attributed to data centers, and the auction fell 6,623 MW short of PJM's reliability requirement.^[38]

Utility investment plans are being built around the new load. American Electric Power announced a $72 billion five-year capital plan on October 29, 2025, including $30 billion for transmission, citing 28 GW of new load by 2030 backed by customer agreements and driven by "large load customers including data centers and industrials".^[39]

Hyperscalers are also paying for generation directly. Alphabet completed the $5.9 billion purchase of Intersect, a renewable energy developer, on March 10, 2026, saying the deal would accelerate data center capacity and energy development.^[21] On October 6, 2026 Google and Constellation Energy announced a 20-year power purchase agreement to add 890 MW of new nuclear capacity to the PJM grid through upgrades at 11 existing reactors, which Constellation said represented more than $4.3 billion of new investment.^[40]

References

1. ^1 ^2 ^3 ^4 ^5 ^6"Microsoft FY26 Second Quarter Earnings Conference Call." Microsoft Investor Relations, 2026-01-28. microsoft.com/...earnings-fy-2026-q2
2. ^1 ^2 ^3 ^4 ^5"Annual Report on Form 10-K for the fiscal year ended December 31, 2025." Alphabet Inc. (SEC EDGAR), 2026-02-05. sec.gov/...goog-20251231
3. ^1 ^2 ^3 ^4 ^5 ^6 ^7"Annual Report on Form 10-K for the fiscal year ended December 31, 2025." Amazon.com, Inc. (SEC EDGAR), 2026-02-06. sec.gov/...amzn-20251231
4. ^1 ^2 ^3 ^4 ^5 ^6 ^7"Annual Report on Form 10-K for the fiscal year ended December 31, 2025." Meta Platforms, Inc. (SEC EDGAR), 2026-01-29. sec.gov/...meta-20251231
5. ^1 ^2 ^3 ^4 ^5 ^6 ^7"Annual Report on Form 10-K for the fiscal year ended May 31, 2026." Oracle Corporation (SEC EDGAR), 2026-06-22. sec.gov/...orcl-20260531
6. ^1 ^2 ^3 ^4"NVIDIA Corp. (NVDA) Q2 2027 Earnings Call, Corrected Transcript." FactSet CallStreet, via NVIDIA Investor Relations, 2026-08-26. s201.q4cdn.com/...ll-26-August-2026-5_00-PM-ET.pdf
7. ^1 ^2 ^3"Prospectus filed under Rule 424(b)(4) for the initial public offering of Class A common stock." Space Exploration Technologies Corp. (SEC EDGAR), 2026-06-12. sec.gov/...spaceexplorationtechnologi
8. ^1 ^2 ^3"CoreWeave Reports Strong Second Quarter 2026 Results." CoreWeave, Inc. (Form 8-K, Exhibit 99.1), 2026-08-11. sec.gov/...coreweave2q26earningspress
9. ^1 ^2 ^3"Amazon.com Announces Fourth Quarter Results." Amazon.com, Inc., 2026-02-05. s2.q4cdn.com/...AMZN-Q4-2025-Earnings-Release.pdf
10. ^1 ^2 ^3 ^4 ^5 ^6 ^7"Quarterly Report on Form 10-Q for the quarter ended June 30, 2026." Amazon.com, Inc. (SEC EDGAR), 2026-07-31. sec.gov/...amzn-20260630
11. ^1 ^2 ^3 ^4"Q4 & Fiscal Year 2026 Earnings (presentation slides)." Oracle Investor Relations, 2026-06-10. s23.q4cdn.com/...Presentation-Slides-Q4-26.pdf
12. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10"Microsoft FY26 Fourth Quarter Earnings Conference Call." Microsoft Investor Relations, 2026-07-29. microsoft.com/...earnings-fy-2026-q4
13. ^1 ^2 ^3 ^4"Andy Jassy said Amazon will spend $220 billion this year, and still won't have enough capacity to meet demand." Fortune (Amanda Gerut), 2026-07-30. fortune.com/...sy-amazon-capex-demand-aws-pga-tour
14. ^1 ^2 ^3 ^4 ^5 ^6 ^7"2026 Q2 Earnings Call Transcript." Alphabet Investor Relations, 2026-07-22. s206.q4cdn.com/...2026_Q2_Earnings_Transcript.pdf
15. ^1 ^2"Microsoft FY24 Second Quarter Earnings Conference Call." Microsoft Investor Relations, 2024-01-30. microsoft.com/...earnings-fy-2024-q2
16. ^1 ^2 ^3"Microsoft FY25 Second Quarter Earnings Conference Call." Microsoft Investor Relations, 2025-01-29. microsoft.com/...earnings-fy-2025-q2
17. ^1 ^2 ^3 ^4 ^5"Meta Reports Second Quarter 2026 Results." Meta Platforms, Inc. (Form 8-K, Exhibit 99.1), 2026-07-29. sec.gov/...meta-06302026xexhibit991
18. ^1 ^2 ^3 ^4"Quarterly Report on Form 10-Q for the quarter ended June 30, 2026." Space Exploration Technologies Corp. (SEC EDGAR), 2026-08-04. sec.gov/...spcx-20260630
19. ^1 ^2"Annual Report on Form 10-K for the fiscal year ended September 27, 2025." Apple Inc. (SEC EDGAR), 2025-10-31. sec.gov/...aapl-20250927
20. ^1 ^2"Data centre electricity use surged in 2025, even with tightening bottlenecks driving a scramble for solutions." International Energy Agency, 2026-04-16. iea.org/...enecks-driving-a-scramble-for-solutions
21. ^1 ^2 ^3"Quarterly Report on Form 10-Q for the quarter ended June 30, 2026." Alphabet Inc. (SEC EDGAR), 2026-07-23. sec.gov/...goog-20260630
22. ^1 ^2 ^3 ^4 ^5 ^6"CFO Commentary on Second Quarter Fiscal 2027 Results." NVIDIA Corporation (Form 8-K, Exhibit 99.2), 2026-08-26. sec.gov/...q2fy27cfocommentary
23. ^1 ^2"Meta Announces Joint Venture With Funds Managed by Blue Owl Capital to Develop Hyperion Data Center." Meta Newsroom, 2025-10-21. about.fb.com/...pital-develop-hyperion-data-center
24. ^1 ^2"Meta Announces New Strategic Venture With BlackRock to Develop Data Center in El Paso." Meta Newsroom, 2026-07-28. about.fb.com/...-to-develop-data-center-in-el-paso
25. ^1 ^2"Annual Report on Form 10-K for the fiscal year ended June 30, 2026." Microsoft Corporation (SEC EDGAR), 2026-07-29. sec.gov/...msft-20260630
26. ^1 ^2 ^3 ^4 ^5"Quarterly Report on Form 10-Q for the quarter ended August 31, 2026." Oracle Corporation (SEC EDGAR), 2026-09-11. sec.gov/...orcl-20260831
27. ^1 ^2"Annual Report on Form 10-K for the fiscal year ended December 31, 2025." CoreWeave, Inc. (SEC EDGAR), 2026-03-02. sec.gov/...crwv-20251231
28. ^1 ^2 ^3"Annual Report on Form 10-K for the fiscal year ended January 25, 2026." NVIDIA Corporation (SEC EDGAR), 2026-02-25. sec.gov/...nvda-20260125
29. ^"Announcing The Stargate Project." OpenAI, 2025-01-21. openai.com/...announcing-the-stargate-project
30. ^"Introducing Stargate UAE." OpenAI, 2025-05-22. openai.com/...introducing-stargate-uae
31. ^"HUMAIN and NVIDIA Announce Strategic Partnership to Build AI Factories of the Future in Saudi Arabia." NVIDIA Newsroom, 2025-05-13. nvidianews.nvidia.com/...he-future-in-saudi-arabia
32. ^1 ^2 ^3"NVIDIA Corp. (NVDA) Q3 2026 Earnings Call, Corrected Transcript." FactSet CallStreet, via NVIDIA Investor Relations, 2025-11-19. s201.q4cdn.com/...-19-November-2025-5_00-PM-ET.pdf
33. ^"Annual Report on Form 10-K for the fiscal year ended June 30, 2023." Microsoft Corporation (SEC EDGAR), 2023-07-27. sec.gov/...msft-20230630
34. ^"Annual Report on Form 10-K for the fiscal year ended December 31, 2023." Alphabet Inc. (SEC EDGAR), 2024-01-31. sec.gov/...goog-20231231
35. ^"'Big Short' investor Michael Burry accuses AI hyperscalers of artificially boosting earnings." CNBC (Yun Li), 2025-11-11. cnbc.com/...lers-of-artificially-boosting-earnings
36. ^"$2 trillion in new revenue needed to fund AI's scaling trend: Bain & Company's 6th annual Global Technology Report." Bain & Company, 2025-09-23. bain.com/...ys-6th-annual-global-technology-report
37. ^"Financial Stability Report, July 2026." Bank of England, 2026-07-07. bankofengland.co.uk/...july-2026
38. ^"PJM Auction Procures 134,479 MW of Generation Resources." PJM Inside Lines, 2025-12-17. insidelines.pjm.com/...-mw-of-generation-resources
39. ^"AEP Reports Third-Quarter 2025 Operating Earnings, Updated Capital Plan Drives New Long-Term Growth Rate." American Electric Power (Form 8-K, Exhibit 99.1), 2025-10-29. sec.gov/...a3q20258kpressreleaseex991
40. ^"Google and Constellation Announce Landmark Agreement to Bring 890 MW of New Nuclear Capacity to PJM Grid as Part of Long-Term Power Deal." Constellation Energy, 2026-10-06. constellationenergy.com/...ar-capacity-to-pjm-grid